Star Gold Issues New Technical Report on Longstreet Gold-Silver
Property
COEUR D'ALENE, ID--(Marketwired - Mar 11, 2014) - Star Gold
Corp. ("Star Gold" or the "Company") (OTCQB: SRGZ) today announced
that it has released an updated and expanded Technical Report
covering its flagship property, the Longstreet Property, located
near Tonopah, Nevada (referred to herein as the "Longstreet
Property" or the "Longstreet Project"). The Technical Report was
produced under the National Instrument (NI) 43-101 standards;
please refer to the Cautionary Statement Regarding Mineral
Resources set forth at the end of this Press Release.
The independent Technical Report entitled "Longstreet Project,
Nye County, Nevada Revised Technical Review and Resource Estimate"
(the "Technical Report" or "The Noland Report"), dated February
16th, 2014, was prepared for Star Gold by Paul D. Noland CPG
("Noland"). Noland has no direct or indirect interest in Star Gold
Corp. The Noland Report incorporates all historical drilling and
drilling done by Star Gold Corp at the Longstreet Property. The
Noland Report is independent of and separate from the "Agnerian
Report" which was announced by the Company on February 10, 2014; a
copy of which is posted on the Company's website at:
http://www.stargoldcorp.com. Interested parties are advised to
review both the Agnerian Report and the Noland Report (as well as
all other materials posted on the Company's website and/or filed
with the Securities and Exchange Commission and available at
www.sec.gov).
The Noland Report will be available, after 4pm Eastern Daylight
Time today, on the Company's website.
In the Technical Report Noland states that "The 2012 and 2013
drilling programs at Longstreet have extended the resource to the
east and internal holes have continued to prove the continuity of
the deposit. Good thicknesses of mineralization have been
discovered to the northwest, east and southeast of the original
resource. Additional expansion drilling is recommended."
The analysis set forth in the Technical Report finds that there
exists at the Main Zone of the Longstreet Project:
- An indicated resource of approximately 173,000 ounces of gold
equivalent (AuEq) at an average grade of 0.020 ounces per ton
(oz/ton). The indicated resource contains approximately 113,000
ounces of gold (Au) and 3.6 million ounces of silver (Ag). This
derives from an average Au grade of 0.013 oz/ton and Ag grade of
0.411 oz/ton.
- An additional inferred resource was estimated at 40,000 ounces
of AuEq at an average grade of 0.017 oz/ton. The inferred resource
is estimated to contain approximately 19,000 ounces of Au and 1.3
million ounces of Ag.
- A preliminary pit was designed which covered the entire
selected resource using a cut-off grade of 0.005 oz/ton. This is
resulted in a strip ratio of 1:1.70.
A graphical video of the Noland Report proposed pit and the
enclosed resource, grade and tonnage can be found on the Company's
website.
"This is a different examination of the Longstreet Main Zone.
Noland's pit is substantially larger and includes more tonnage than
what we had previously thought," said David Segelov, President and
CEO of Star Gold Corp.
Further, the Noland Report makes two recommendations for further
exploration work including:
- A Phase 1 program focused on the Opal Ridge fault and parts to
the east of the Main Zone where the highest grade silver ever found
on Main zone was drilled in 2013 (hole LS-1319).
- A Phase 2 program should be undertaken to test the primary
high-grade target at Cyprus Ridge. According to the Noland Report
"The discovery of a Midas or Fire Creek style deposit would
instantly change the economics of Longstreet for a minimal
cost."
QUALIFIED PERSONS
Paul D. Noland is a Qualified person as set out in NI-43-101 and
is Certified Professional Geologist #11293 from AIPG, member of
Geological Society of Nevada. Paul D Noland is responsible for all
sections of the Noland Report.
About Star Gold Corp.
Star Gold is a gold exploration/development company with 115
unpatented claims located within the Walker Lane belt. The Company
is currently focused on developing its flagship property, the
Longstreet Property. The Longstreet Property is located in Nye
County, Nevada.
Disclaimers
Certain statements in this press release that are not historical
facts are "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements
may be identified by the use of words such as "anticipate,"
"believe," "expect," "future," "may," "will," "would," "should,"
"plan," "projected," "intend," and similar expressions. Such
forward-looking statements, involve known and unknown risks,
uncertainties and other factors that may cause the actual results,
performance or achievements of Star Gold Corp (the Company) to be
materially different from those expressed or implied by such
forward-looking statements. The Company's future operating results
are dependent upon many factors, including but not limited to the
Company's ability to: (i) obtain sufficient capital or a strategic
business arrangement to fund its expansion plans; (ii) build the
management and human resources and infrastructure necessary to
support the growth of its business; (iii) competitive factors and
developments beyond the Company's control; and (iv) other risk
factors discussed in the Company's periodic filings with the
Securities and Exchange Commission, which are available for review
at www.sec.gov under "Search for Company Filings.
CAUTIONARY STATEMENT REGARDING MINERAL RESOURCES
This Press Release and/or other information that may be released
by the Company in the future uses the terms "resources", "measured
resources", "indicated resources" and "inferred resources". United
States investors are advised that, while such terms are recognized
and required by Canadian securities laws, the SEC does not
recognize them. Under United States standards, mineralization may
not be classified as a "reserve" unless the determination has been
made that the mineralization could be economically and legally
produced or extracted at the time the reserve determination is
made. Mineral resources that are not mineral reserves do not have
demonstrated economic viability. United States investors are
cautioned not to assume that all or any part of measured or
indicated resources will ever be converted into reserves. Inferred
resources are in addition to measured and indicated resources.
Further, inferred resources have a great amount of uncertainty as
to their existence and as to whether they can be mined legally or
economically. It cannot be assumed that all or any part of the
inferred resources will ever be upgraded to a higher category.
Therefore, United States investors are also cautioned not to assume
that all or any part of the inferred resources exist, or that they
can be mined legally or economically. National Instrument 43-101
Standards of Disclosure for Mineral Projects ("NI 43-101") is a
rule developed by the Canadian Securities Administrators, which
established standards for all public disclosure an issuer makes of
scientific and technical information concerning mineral projects.
Unless otherwise indicated, all resource estimates contained in
this Press Release and in press releases by the Company in the
future, have been or will be prepared in accordance with NI 43-101
and the Canadian Institute of Mining, Metallurgy and Petroleum
Classification System. The requirements of NI 43- 101 are not the
same as those of the SEC.
The terms "mineral reserve", "proven mineral reserve" and
"probable mineral reserve" are Canadian mining terms as defined in
accordance with Canadian National Instrument 43-101 - Standards of
Disclosure for Mineral Projects ("NI 43-101") and the Canadian
Institute of Mining, Metallurgy and Petroleum (the "CIM") - CIM
Definition Standards on Mineral Resources and Mineral Reserves,
adopted by the CIM Council, as amended. These definitions differ
from the definitions in the United States Securities and Exchange
Commission ("SEC") Industry Guide 7 under the United States
Securities Act of 1933, as amended (the "Securities Act"). Under
SEC Industry Guide 7 standards, a "final" or "bankable" feasibility
study is required to report reserves, the three-year historical
average price is used in any reserve or cash flow analysis to
designate reserves and the primary environmental analysis or report
must be filed with the appropriate governmental authority.
In addition, the terms "mineral resource", "measured mineral
resource", "indicated mineral resource" and "inferred mineral
resource" are defined in and required to be disclosed by NI 43-101;
however, these terms are not defined terms under SEC Industry Guide
7 and are normally not permitted to be used in reports and
registration statements filed with the SEC. Investors are cautioned
not to assume that all or any part of a mineral deposit in these
categories will ever be converted into reserves. "Inferred mineral
resources" have a great amount of uncertainty as to their
existence, and great uncertainty as to their economic and legal
feasibility. It cannot be assumed that all or any part of an
inferred mineral resource will ever be upgraded to a higher
category. Under Canadian rules, estimates of inferred mineral
resources may not form the basis of feasibility or pre-feasibility
studies, except in rare cases. Investors are cautioned not to
assume that all or any part of an inferred mineral resource exists
or is economically or legally mineable.
Disclosure of "contained ounces" in a resource is permitted
disclosure under Canadian regulations; however, the SEC normally
only permits issuers to report mineralization that does not
constitute "reserves" by SEC Industry Guide 7 standards as in place
tonnage and grade without reference to unit measures.
Subject to the forgoing Cautionary Statement, the following are
the definitions of the terms used in the Longstreet NI 43-101
Report:
NI 43-101 Definitions:
Indicated mineral resource: The term "indicated mineral
resource" refers to that part of a mineral resource for which
quantity, grade or quality, densities, shape and physical
characteristics can be established with a level of confidence
sufficient to allow the appropriate application of technical and
economic parameters, to support mine planning and evaluation of the
economic viability of the deposit. The estimate is based on
detailed and reliable exploration and testing information gathered
through appropriate techniques from locations such as outcrops,
trenches, pits, workings and drill holes that are spaced closely
enough for geological and grade continuity to be reasonably
assumed.
Inferred mineral resource: The term "inferred mineral resource"
refers to that part of a mineral resource for which quantity and
grade or quality can be estimated on the basis of geological
evidence and limited sampling and reasonably assumed, but not
verified, geological and grade continuity. The estimate is based on
limited information and sampling gathered through appropriate
techniques from locations such as outcrops, trenches, pits,
workings and drill holes.
Measured mineral resource: The term "measured mineral resource"
refers to that part of a mineral resource for which quantity, grade
or quality, densities, shape and physical characteristics are so
well established that they can be estimated with confidence
sufficient to allow the appropriate application of technical and
economic parameters to support production planning and evaluation
of the economic viability of the deposit. The estimate is based on
detailed and reliable exploration, sampling and testing information
gathered through appropriate techniques from locations such as
outcrops, trenches, pits, workings and drill holes that are spaced
closely enough to confirm both geological and grade continuity.
Investor Contact: David Segelov Office: 208-664-5066 Cell:
646-626-3356 dsegelov@stargoldcorp.com info@stargoldcorp.com
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